Remember Poseidon Concepts? It Tanked. Finally An Executive Is Charged

By Keith Schaefer Poseidon Concepts executive Kostelecky Is Criminally Charged
Editors Note: Calgary’s Poseidon Concepts was a market darling in 2011-2012, rising from $2.65 – $16 on the Toronto Stock Exchange. The company proclaimed it was so profitable making and selling frac water tanks, it started a dividend. But doubts in the Market arose after receivables increased quarter after quarter. On November 15 2012–days after confirming the next quarter’s dividend–the company released financials that showed a $10 million writedown in revenue. The stock crashed from $13-$6 the next day, and within four months it wrote down $148 million of